After all, markets were closed on Thursday for Thanksgiving and only reopen for a few short hours today.
Most Asian markets closed with losses of around 2.5%, and European markets were down as much as 3.5% in midday trading.
The latest 72-hour precipitation map from NOAA show a bit of scattered rains and snows possible for some parts of the upper Midwest and Great Lakes region between today and Monday, but very few places could expect to see much more than 0.1”.
A new round of export sales data is coming from USDA later this morning, but expect that to be largely ignored as traders fight off a tidal wave of bearish sentiment from outside markets.
South Africa’s Crop Estimates Committee reported that the country’s 2020/21 corn production is expected to improve 6.1% over last year’s output, with an estimated 639.1 million bushels.
The preliminary report from the CBOT showed daily futures volume moderately increased to 601,436, but open interest fell by 31,781.
Soybean prices will likely share the same fate as corn Friday – moderate inroads that have been made in recent sessions are now in jeopardy by what is likely to be a widespread commodity selloff later today.
Ahead of the next USDA export report, out later this morning, analysts expect the agency to show soybean sales ranging between 33.1 million and 68.0 million bushels for the week ending November 18.
In Argentina, the Buenos Aires Grains Exchange reports that soybean plantings for the 2021/22 season have reached 39%, with an initial production estimate of 1.617 billion bushels.
The preliminary report from CBOT showed daily futures volume moved slightly higher to 126,916 while open interest was also down another 3,651.
Wheat prices continue to show plenty of strong demand fundamentals, but today’s outside market news may incite a round of technical selling and profit-taking.
The European Commission raised its common wheat export estimates for the 2021/22 season by 6.7% to 1.260 billion bushels, citing “the dynamics of the soft wheat market” since the beginning of this marketing year.
The preliminary report from CBOT showed daily SRW volume firming to 159,932, with open interest dropping by 2,495.